Tag: Student Budgeting Tools

BMO Harris Student Rewards Mastercard: Your Gateway to Smart Spending and Savings

The BMO Harris Student Rewards Mastercard is a tailored credit card designed to assist students in managing their expenses while accruing rewards effectively. As a product of BMO Harris Bank, this card promotes financial responsibility among students and offers exclusive benefits that make it an ideal choice for those beginning their credit journey.

Card Type

This credit card falls under the student credit card category, specifically designed for college and university students. It allows users to build their credit history while enjoying various rewards and perks tailored for their needs.

Annual Fee

The BMO Harris Student Rewards Mastercard comes with no annual fee, making it an attractive option for students who want to avoid additional costs while earning rewards.

Rewards Program

The card features an enticing rewards program that allows cardholders to earn points for every dollar spent. Students will earn 3 points per dollar on eligible grocery purchases, 2 points per dollar on dining and entertainment, and 1 point per dollar on all other purchases. Points can be redeemed for various options such as cashback deposits, statement credits, travel, gift cards, or merchandise, providing flexibility in how to utilize rewards.

Sign-Up Bonus

Upon approval, new cardholders can take advantage of an alluring sign-up bonus. By spending $500 within the first three months, users will receive 10,000 bonus points, which can be redeemed for $100 in cashback or other coveted rewards.

APR (Annual Percentage Rate)

The BMO Harris Student Rewards Mastercard has a competitive regular APR of 17.99% for purchases, which is fairly standard for student credit cards. Additionally, there is a 0% introductory APR on purchases for the first 6 months, allowing students to make necessary expenses without accruing interest.

Foreign Transaction Fees

This card does not impose foreign transaction fees, making it an excellent choice for students planning to study abroad or travel internationally. This feature allows for more cost-effective spending outside the U.S.

Balance Transfer Options

The BMO Harris Student Rewards Mastercard provides balance transfer options with an introductory 0% APR for the first 12 months, which is perfect for students looking to consolidate existing card balances. However, a balance transfer fee of 3% applies to each transaction.

Additional Fees

Other important fees associated with this card include:

• Late Payment Fee: Up to $40
• Cash Advance Fee: Either $5 or 3% of the cash advance amount, whichever is greater.

Card Benefits and Perks

Beyond the rewards program, the BMO Harris Student Rewards Mastercard offers numerous benefits and perks such as:

• Access to Mastercard ID Theft Protection: Students can monitor their personal information and take necessary actions to protect their identity.
• Travel Accident Insurance: Coverage provides peace of mind for students traveling domestically or internationally.

Customer Protections and Insurance

This card ensures that cardholders feel secure with excellent customer protections. Students benefit from:

• Fraud Liability Protection: Users are not responsible for unauthorized transactions if reported promptly.
• Purchase Protection: Covers new purchases against theft or damage for a limited time.
• Rental Car Insurance: Offers coverage when using the card for rental vehicles.

Eligibility and Credit Score Requirements

Students interested in applying for the BMO Harris Student Rewards Mastercard typically need to demonstrate a fair credit score (usually around 580-670). However, students with limited credit history can still apply, especially if they can provide a cosigner or proof of income.

Introductory Offers

As noted earlier, new cardholders can enjoy a 0% APR on purchases for the first six months, allowing for flexible payment options during this introductory period.

Special Features or Unique Selling Points

This card distinguishes itself with special features that appeal to student lifestyles. Not only does it include rewards on everyday spending categories, but it also provides access to financial literacy resources and budgeting tools through its online banking platform. Furthermore, students have the potential to earn rewards more rapidly than with many other student credit cards, creating a unique value proposition.

How to Apply

Applying for the BMO Harris Student Rewards Mastercard is straightforward. Interested applicants can complete their application securely online by visiting the ‘>Apply Here.

For more financial insights that can help in your spending decisions, check out UpCube.net.